HomeMy WebLinkAbout081524 email - 24 Years of Failure & Broken Promises by the Port Ludlow DeveloperALERT: BE CAUTIOUS This email originated outside the organization. Do not open attachments or click on links if you are not expecting them.
24 Years of Failure & Broken Promises by the Port Ludlow Developer
From the “SEATTLE POST-INTELLIGENCER” May 14, 2001
“The resort's new owners envision a new clubhouse for the golf course. HCV Pacific Partners, a San Francisco developer that is poised to buy the Port Ludlow resort properties, has plans
to update the facilities, beginning with the golf course, marina and condominiums.”
“In a deal that could close by the end of this month, the developer will buy the 27-hole golf course, 300-slip marina, an inn, shopping center, recreational vehicle park and the water
and sewage treatment facilities that also serve residences in Port Ludlow HCV entered into a purchase agreement for the 1,300-acre property with Olympic Property Group in January.”
"We view the Northwest and Seattle area in particular as a good growth opportunity," said Randall Verrue, HCV's president and chief executive. "We like what we see there with the resort
and housing experience and think that we can contribute something."
“Terms of the deal have not been disclosed. HCV first submitted a letter of intent to buy the property in October. Executives at Pope Resources, which has owned the resort properties
since work on the resort began in 1968, said the company was leaving the property development market to focus more exclusively on its timber holdings. "We've had some management changes
here in the last year, and part of the outcome of that was a strategic assessment of all of our businesses," said David Nunes, president and chief operating officer. "As we did that,
we decided to narrow our strategic focus to focus more on timber ownership and management."
Nunes also said that the resort needs major improvements -- Pope Resources thought might best be done by a company that focused specifically on resort development.”
"The whole community was built in the late 1960s, and it's really at a stage where it needs a large infusion of capital," he said. "It was clear to us as part of our strategic assessment
that we would need some stronger expertise in resort management and a lot of capital. The beauty of HCV is that real estate is its specialty, and it is a very well-capitalized company."
“HCV's Verrue agreed that the resort needs some major improvements and said his group will start by adding 100 slips to the marina and building a new clubhouse for the golf course.
“Long-term plans, Verrue said, include adding rooms to the Heron Beach Inn and expanding the conference center. HCV, which has a residential real estate development arm, plans to continue
building homes in Port Ludlow. Verrue said the company “will build 50 to 75 houses a year” on the “350”undeveloped residential lots until the development is complete.”
NOTE: As of February, 2024 [206 lots 59%] remain undeveloped with only [144 lots 41%] developed. With the annual development rate of 6.5 lots it will take another 30 years to complete
with a loss of $14,000,000* in property tax revenue. This does not include excise or sales tax, etc.
Year Units Annual Tax *[$4,200 per unit in 2024 dollars].
2024 206 $865,200
2025 200 $840,000 $1,705,200
2026 193 $810,000 $2,515,200
2027 186 $781,200 $3,296,400
2028 179 $751,800 $4,048,200
2027 173 $726,600 $4,774,800
2029 166 $697,200 $5,472,000
2030 159 $667,800 $6,139,800
2031 153 $642,600 $6,782,400
2032 146 $613,200 $7,396,600
2033 139 $583,800 $7,979,400
2034 132 $544,400 $8,523,800
2035 126 $529,200 $9,053,000
2036 120 $504,000 $9,557,000
2037 113 $474,600 $10,031,600
2038 106 $445,200 $10,476,800
2039 100 $420,000 $10,896,800
2040 97 $407,400 $11,304,200
2041 91 $382,200 $11,686,400
2042 84 $352,800 $12,039,200
2043 78 $327,600 $12,366,800
2044 72 $302,400 $12,669,200
2045 65 $273,000 $12,942,200
2046 59 $247,800 $13,190,000
2047 52 $218,400 $13,408,400
2048 46 $193,200 $13,601,600
2049 39 $163,800 $13,765,400
2050 33 $138,600 $13,904,000
2051 26 $109,200 $14,013,200
2052 20 $84,000 $14,097,200
2053 13 $54,600 $14,151,800
2054 6 $25,200 $14,177,000
[Bert Loomis [03/03/24]
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